C&C Group Plc Launch of EUR 15 Million Share Buyback Programme
21 Febrero 2024 - 1:00AM
RNS Regulatory News
RNS Number : 8374D
C&C Group Plc
21 February 2024
C&C Group plc
Launch of €15 Million Share
Buyback Programme
Dublin, London 21 February
2024: C&C Group plc
('C&C' or the 'Group'), owners of the Tennent's, Magners and
Bulmers Ireland brands, and Matthew Clark and Bibendum Wine,
announces that it will commence a share buyback programme on 1
March 2024 to repurchase ordinary shares of the Group (the
"Shares") up to a maximum aggregate consideration of €15 million
(the "Programme").
The
Programme forms part of the Group's plan to return up to €150
million to shareholders over the next three fiscal years as
announced in October 2023 through a combination of dividends and
share buybacks and follows the reinstatement of dividend payments
last year. The Programme is underpinned by the Board's confidence
in the medium-term outlook for the business and its strong cash
generation capabilities. The Board also believes that the Programme
represents the most effective use of capital in the current
environment.
Details of the
Programme
The
Group has entered into an agreement with J&E Davy ("Davy") to
act as principal to conduct the Programme and to repurchase Shares
on the Group's behalf for a maximum aggregate consideration of up
to €15 million and to make trading decisions under the Programme in
accordance with certain pre-set parameters. Under the terms of the agreement, Davy will make purchases of
the Shares under the Programme independently of, and uninfluenced
by, the Group.
The
Programme will commence on 1 March 2024, and end no later than 30
June 2024, subject to market conditions. The purpose of the
Programme is to reduce the share capital of the Company in line
with this announcement. Under the terms of the Programme, the
Shares will be repurchased on the London Stock Exchange and will be
cancelled. The Programme will be conducted in accordance
with:
(i) the
Group's general authority to repurchase shares (which authorises
the repurchase of up to 40,270,889 Shares, being approximately 10%
of the issued share capital of the Group), as approved by
shareholders at the Group's AGM held on 13 July 2023 (the
"Authority"); and
(ii)
the Market Abuse Regulation (EU) No 596/2014 and the Commission
Delegated Regulation (EU) No 2016/1052 (including as each of them
forms part of retained EU law in the United Kingdom ("UK") from
time to time, including, where relevant, pursuant to the UK's
European Union (Withdrawal) Act 2018 and Market Abuse (Amendment)
(EU Exit) Regulations 2019) as well as the applicable laws and
regulations of the UK Financial Conduct Authority.
The
execution of the Programme may be augmented by the purchase of
Shares by way of block trades effected by Davy as agent of the
Group. The maximum number of Shares which can be repurchased by the
Group under the Programme will be reduced by the corresponding
number of Shares repurchased pursuant to any such block trades. Any
Shares repurchased through block trades will also count towards the
maximum consideration payable by the Group.
Details
of any Shares repurchased under the Share Buyback Programme will be
notified to a Regulatory Information Service by the Group following
repurchase. Purchases may continue under the Programme during any
closed period to which the Company is subject. The Company confirms
that it currently has no unpublished inside information.
There
is no guarantee that the Programme will be implemented in full or
that any Shares will be bought back by the Group.
ENDS
Contacts
C&C Group
plc
Riona Heffernan, Group Finance & Investor
Relations Director
Email: riona.heffernan@candcgroup.com
Investors, Analysts &
Media
FTI
Consulting
Jonathan
Neilan / Paddy Berkery / Aline Oliveira
Tel: +353
86 231 4135 / +353 86 602 5988 / +353 83 833 1644
Email: CandCGroup@fticonsulting.com
About C&C Group plc
C&C Group plc is a leading,
vertically integrated premium drinks company which manufactures,
markets and distributes branded beer, cider, wine, spirits, and
soft drinks across the UK and Ireland.
- C&C
Group's portfolio of owned/exclusive brands include: Bulmers, the
leading Irish cider brand; Tennent's, the leading Scottish beer
brand; Magners the premium international cider brand; as well as a
range of fast-growing, premium and craft ciders and beers, such as
Heverlee, Menabrea, Five Lamps and Orchard Pig. C&C exports its
Magners and Tennent's brands to over 40 countries
worldwide.
- C&C
Group has owned brand and contract manufacturing/packing operations
in Co.Tipperary, Ireland and Glasgow, Scotland.
- C&C
is the No.1 drinks distributor to the UK and Ireland hospitality
sectors. Operating through the Matthew Clark, Bibendum, Tennent's
and Bulmers Ireland brands, the Group has a market leading range,
scale and reach including an intimate understanding of the markets
it serves. Together this provides a key route-to-market for major
international beverage companies.
C&C
Group is a FTSE 250 company headquartered in Dublin and is listed
on the London Stock Exchange.
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END
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